Hong Kong pilots new apprenticeship scheme for private banking
The Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA) have launched the Pilot Apprenticeship Programme for private wealth management.
This is designed to provide specialised professional training and employment opportunities for young talent interested in careers in private wealth management.
It is the first initiative offering full-time students at institutions funded by the University Grants Committee a multi-year experience dedicated to training in private wealth management.
It comprises two rounds of paid summer apprenticeships with a host private wealth management institution, leading to a potential job offer with that firm after graduation.
The Programme targets all students although priority will be given to second year students, who will undergo training and on-the-job experience covering a range of private wealth management functions. Students will receive a stipend allowance sponsored in part by the HKMA.
Said Norman Chan, chief executive of the HKMA: “Hong Kong is uniquely well-positioned to become the premier private wealth management hub in Asia. However, we must be able to attract new blood to expand the talent pool in order to sustain the success of Hong Kong’s private wealth management industry.”
For the pilot launch in 2017, it is expected around 20 students will be placed with PWMA member firms to begin their apprenticeship in the summer of 2017 with a six-week training programme. This will be followed by an eight-week training programme in the summer of 2018.
Over the course of their apprenticeship, students will work in a range of functions at private wealth management institutions, learning details about different products and client services, as well as risk management, compliance and internal control. The programme will then be rolled out on a broader scale, moving to a standard eight-week summer programme beginning with the next academic year.
The Pilot Apprenticeship Programme is to be administered by The Hong Kong Institute of Bankers. Application deadline for the Programme is 15 April 2017.
